Industry News

Industry favors trimming class-action lawsuits

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National home builder and Realtor groups this week expressed continuing support for federal legislation that would push large class-action lawsuits into federal court and also welcomed a separate bill that would allow professional associations to offer health insurance plans to members. The National Association of Home Builders and National Association of Realtors said in statements that the class-action legislation should curb the number of frivolous lawsuits, which have contributed to higher real estate prices. The Class Action Fairness Act of 2005 was approved by a 279-149 vote in the U.S. House of Representatives, and the Senate passed an identical version of the bill last week. President Bush is expected to sign the measure into law. "Prior to (the) vote, NAHB sent a letter to every House member urging passage and stating that the association was designating this bill as a key vote because of its significance to the housing industry," the home builders association announced....